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    1618 Main St Salem, VA 24153

    Sponsored
    For Sale
    $1,425,000

    High-yield, multi-tenant office building in Salem, VA.

    Property size:
    7,416 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional Class A, 7,416 square foot medical and creative office building, located at 1618 W Main St, Salem, VA 24153, presents a compelling investment opportunity. Built in 2009 and extensively renovated in 2023, the property boasts a 100% occupancy rate across its three units, generating strong cash flow. The building features a modified lease structure and is situated on a 1.44-acre lot, providing ample parking. A significant advantage is the inclusion of an extra pad, ideal for future development and expansion, adding considerable long-term value. The property is a stabilized investment, classified as Class A, and benefits from its prime location on Salem's highly desirable West Main Street commercial corridor. The two-story building offers a mix of creative and traditional office spaces, currently occupied by multiple tenants, including a dentist office as an anchor tenant. The asking price is $1,425,000, translating to $192.15 per square foot. This property offers a rare combination of immediate income generation and significant future growth potential.

    Property Features for 1618 Main St

    General Information

    Property type
    Medical offices
    Square Feet
    7,416 SF
    Class
    A

    Building Details

    Year Built/Renovated
    2009/2023
    Buildings
    1
    Stories
    2
    Units
    3

    HighLights

    • High‑visibility location on Salem's W Main St commercial corridor.
    • Strong cash flow potential.
    • Available expansion land.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Map

    City
    Salem
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0843606
    Latitude
    37.2880137

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    FAQs

    What type of property is this?
    Medical office - High-yield, multi-tenant office building in Salem, VA.
    Where is this medical office located?
    The property is located at 1618 Main St Salem, VA.
    What is the asking price?
    The asking price for this property is $1,425,000.
    What are key features of this property?
    This property features: High-visibility location on Salem's W Main St commercial corridor.; Strong cash flow potential.; Available expansion land.
    Request Owner's contact information
    1618 Main St Salem, VA 24153
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1618 Main St Salem, VA 24153
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